GDP revision to reveal whether UK consumers are still penny pinching

MARKET watchers will be keenly anticipating the second estimate of the UK’s third quarter GDP growth from the Bank of England tomorrow.

While economists cheered the first estimate of one per cent, they are hoping any revision will only be a small one, and not a sign of further dips in consumer spending.

Howard Archer, of IHS Global Insight, said there is a possibility it will be trimmed to 0.9 per cent, but there are new household spending pressures.

“The worry is that consumers are now being pressurised by higher energy and food prices, while earnings growth slowed anew in September after trending up modestly from the lows seen earlier in 2012,” he said.

Further economic news is expected on Thursday, when the Bank publishes its bi-annual Financial Stability Report.

In corporate news, the week begins today with full-year results from Aberdeen Asset Management, along with interim results from the UK’s largest pork processor Cranswick, plus Essar Energy and Quintain Estates & Development.